Not Everyone in Zimbabwe is Broke; New City for the Elite
Bloomberg reported earlier this year that Ul Mulk is investing $500 million in the $60 billion project.
We are in serious consultations with about 30 people," Vos said in an interview on Friday. A sales launch event took place on Thursday.
Civil work is expected to begin next week on Mount Hampden, about 11 miles northeast of Harare. In order to buy the villas, buyers are required to pay a 5% commitment fee and a 25% down payment within a month, while the remaining balance can be paid over a year. The first construction phase is expected to last about two years.
Zimbabwe is planning a new city for the rich, leaving Harare in ruins.
The luxury villas have a starting price tag of $500,000 per unit, almost twice the average price of properties in the affluent northern suburbs of Harare, and some are slated to sell for $1.2 million. The development has mostly been welcomed by locals and companies, Vos said.
Harare's major roads are dotted with billboards advertising the project.
According to Vos, a roadshow may be held in South Africa in a month to tap into interest in the neighboring nation.
There are still many challenges to overcome in Zimbabwe. After more than two decades of political and economic turmoil, the local currency is virtually worthless and is increasingly being replaced by the US dollar, making the country a hard sell.
It is near the Chinese-built national parliament and will also house the central bank headquarters, the high and supreme courts, mineral auction centers, a stock exchange, and a presidential palace.
The Zim Cyber City website depicts pristine walkways, towering high rises, and shining malls.
Comparatively, the current sprawling capital is characterized by clogged sidewalks, traffic congestion, and dilapidated infrastructure.
